Minority students can take education loan up to Rs. 7.5 lakh

Under the educational loan scheme of Maulana Azad Minority Economic Development Corporation, the educational loan limit for more than one student from the same family has been increased. Now more than one student from the same family can take an educational loan of up to Rs 7.5 lakh, said Nawab Malik, Minister for Minority Development.

Maulana Azad Minority Economic Development Corporation runs an educational loan scheme to promote the education of students from Muslim, Christian, Jain, Buddhist, Sikh, Parsi and Jew minority communities.

Under the Dr APJ Abdul Kalam Educational Loan Scheme, implemented in collaboration with the National Minority Development and Finance Corporation, New Delhi, the loan limit for more than one student from the same family has been increased from Rs 5 lakh to Rs 7.5 lakh, Malik said. At the same time, the existing loan limit of Rs. 2.5 lakhs has been increased to Rs.5 lakh. This will provide adequate educational loans to more than one student from the same family and will facilitate their education, Malik said. 

The state government has now increased the share capital of Maulana Azad Mahamandal to Rs 700 crore. Therefore, sufficient funds are being made available for various loan schemes being implemented by the Corporation. Malik said that in the future too, full support will be given by the Minority Development Department for various schemes of the corporation.